DNOW to acquire MRC Global in $1.5 billion all-stock deal
The combined company will operate over 350 service and distribution locations in more than 20 countries, serving customers across the upstream, midstream, downstream, gas utility, and broader industrial sectors.
The transaction is expected to close in the fourth quarter of 2025.
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Daily Mail
37 minutes ago
- Daily Mail
Trump calls for Jerome 'Mr. Too Late' Powell to resign as Fed chair 'immediately'
President Donald Trump has escalated his feud with Federal Reserve Chairman Jerome Powell by demanding the head of the central bank 'resign immediately.' The president has for months blasted Powell - whom he appointed to the position in 2017 - over his refusal to lower interest rates, which Trump claims cost the country a 'fortune' in debt servicing costs. Trump last month seemed to threaten to remove Powell from his role before his term expires in May 2026, though the Supreme Court signaled he is unauthorized to do so. The president then sent Powell a handwritten note on Monday that he is 'too late' in bringing down rates after other country's central banks already announced rate cuts. But Powell has consistently said Fed decisions would not be influenced by political pressure - and has hinted that the central bank would have lowered interest rates if it weren't for the inflation risks brought by Trump's tariffs. The president's latest attack on Powell, in which he wrote that '"Too Late" should resign immediately,' now comes on the heels of Bill Pulte - the head of the Federal Housing Finance Agency - asking Congress to investigate the Fed chair. Pulte accused Powell of making 'deceptive' statements at a congressional hearing about the mounting costs of planned renovations to the Federal Reserve headquarters. In his testimony to the Senate Banking Committee, Powell pushed back at reports that the $2.5 billion plans include luxurious items like a VIP dining room and a new marble table. On Wednesday, Trump called on Powell to 'resign immediately' 'All of the sort of inflammatory thing that the media carried are either not in the current plan or just inaccurate,' the Fed chairman said, according to Bloomberg. Other costs, like repairing elevators that go directly to board members' offices and marble fixtures, were basic upkeep, he argued. But Pulte now argues that Powell knowingly lied about the opulent renovations. 'I am asking Congress to investigate Chairman Jerome Powell, his political bias and his deceptive Senate testimony,' the head of the Federal Housing Finance Agency said in a statement. 'Jerome Powell's $2.5B Building Renovation Scandal stinks to high heaven and he lied when asked about the specifics before Congress,' Pulte continued. 'This is nothing short of malfeasance and is worthy "for cause."' He then cited remarks from Wyoming Sen. Cynthia Lummis, who claimed Powell 'made a number of factually incorrect statements... regarding the Fed's plush private dining room and elevator, skylights, water features and roof terrace.' 'This is typical of the mismanagement and "don't bother me" attitude that Chairman Powell has always shown,' she said. Bill Pulte, the head of the Federal Housing Finance Agency, accused Powell of lying about the renovations and called for a Congressional investigation Rep. Jim Jordan, a Republican from Ohio who chairs the House Judiciary Committee, told Bloomberg that the committee has not yet discussed whether to investigate Powell but said 'everything's on the table.' 'We'll take a look at that,' he vowed.
Reuters
an hour ago
- Reuters
Investors mobilise for weeks of market whiplash from wild-card events
LONDON, July 3 (Reuters) - Big investors are mobilising to trade through weeks packed with wild-card events that may shatter the calm in stock markets and drive big swings for assets they see as exposed to both positive or negative surprises, from gold to corporate credit. U.S. Treasuries, the dollar, yen and euro zone debt may also turn volatile, investors said, Thursday's U.S. jobs data is followed by next week's crunch U.S.-European Union tariff deadline and then an unpredictable French budget vote. After that, markets face an August 12 deadline for U.S.-China talks to achieve a trade deal. "I can't think of a time in my history in markets, which is pretty long, where you've had so much risk and so little risk premium," said Insight Investment head of investment specialists April La Russe, referring to the compensation for holding risky assets over cash. Here's a look at how investors are gaming out potential market flare-ups in the days and weeks ahead. Russell Investments global head of solutions strategy Van Luu said market participants were pricing a mildly positive outcome on July 9, with the U.S. and EU either settling for 10% universal tariffs or postponing a resolution, as the U.S. had with China. He had turned negative on corporate credit because yields were underpricing the economic risks of ongoing tariff uncertainty, he said. With Brussels now pushing for exemptions for key EU export sectors, the worst case scenario was a deadlock and markets starting to fear reciprocal tariffs, he said. Amundi global head of macro Mahmood Pradhan, a former IMF deputy director for Europe, said the July 9 outcome was a coin-toss but a benign result was already priced into risky assets. World stocks(.MIWD00000PUS), opens new tab have rebounded and are up 24% since a low of April 8, soon after U.S. President Donald Trump delivered his "Liberation Day" April 2 bombshell of tariffs on imports from around the world. "Given the rally we've had, there might not be more upside," Pradhan said. Any outcome on July 9 could hit the dollar and spark cross-currency volatility, investors said. The greenback is already down some 10% against other major currencies so far this year . Treasuries would suffer if talks broke down in a threat to world trade, Artemis head of fixed income strategy Liam O'Donnell said. A long and steady accumulation of Treasuries by overseas investors and central banks has been partly driven by the dollar's dominant position in global trade flows. Gold, (.XAU), opens new tab which has soared by more than 25% year-to-date to $3,344 as investors piled into the precious metal to hedge portfolios against inflation and recession risks sparked by high tariffs, is also vulnerable to a positive EU tariff outcome. "We could see profit taking (on gold) by real money investors and also hedge funds," Edmond de Rothschild multi-asset head Michael Nizard said. While latest U.S. payrolls data is released on Thursday, the next official payrolls report on Aug. 1 could be a bigger jolt to world markets than tariffs, coming at a time of holiday-thinned trade, investors added. "In terms of what would produce the biggest market surprise, I think it's actually U.S. data because that has been flying under the radar," Russell's Luu said. Artemis' O'Donnell said the upcoming U.S. job reports were the biggest event risk for markets. Luu said gauges of expected volatility in some world currencies seemed too low, particularly those expressing how Japan's yen, which can rip higher when U.S. rate cut bets build, might swing against the dollar and the euro in the months ahead. There are also crunch dates for Europe that could revive anxiety about debt stress, overshadowed so far by investors tapping assets such as triple-A rated German Bunds as Treasuries' haven appeal has diminished. French Prime Minister Francois Bayrou survived his eighth no confidence motion on Tuesday but investors are wary about his chances of getting a plan to trim the euro zone's biggest budget deficit on July 14 through a parliament rocked by right-wing rebellions. Germany's stimulus bonanza is also now rolling, with an upper house vote on business tax breaks on July 11. Benchmark Bund yields are about 25 basis points (bps) higher so far this year to around 2.62% given expectations for increased bond sales to fund extra borrowing. The extra yield bond investors demand for lending to France over Germany, at 70 bps now , might be too low given the immediate French budget risk ahead. "We prefer an underweight position in French sovereign bonds in the near term," RBC Wealth Management investment strategy head Frédérique Carrier said. And Britain is also back on the watch-list as government U-turns on welfare reforms threaten a budget blowout, sparking fresh bond selling.
Daily Mail
2 hours ago
- Daily Mail
Warning about housing market mega crash as dark omen summons ghosts of 2009... take these experts' advice before you're dragged under
Home sales across the US have plummeted to the lowest level in 16 years - and the threat of a complete collapse is imminent. May 2025 was recorded as the slowest May for existing sales since 2009, the National Association of Realtors said in a report.
